PLEASE READ THESE TERMS AND CONDITIONS OF USE (COLLECTIVELY, WITH BONDLINK’S PRIVACY POLICY, LOCATED AT https://www.bondlink.com/privacy , THE “TERMS OF USE”) CAREFULLY BEFORE USING THE SITE AS THEY GOVERN USE OF THE SITE AND OF THE CONTENT (AS DEFINED BELOW) BY VISITORS TO THE SITE (“USER,” “USERS,” “YOU” OR “YOUR”) AND CONSTITUTE A LEGALLY BINDING CONTRACT BETWEEN YOU AND BONDLINK. BY BROWSING, ACCESSING OR OTHERWISE USING THE SITE IN ANY MANNER. YOU HEREBY WARRANT THAT YOU ARE AT LEAST 18 YEARS OLD AND ACCEPT, WITHOUT LIMITATION OR QUALIFICATION, THESE TERMS OF USE. IF YOU DO NOT AGREE TO THESE TERMS OF USE, PLEASE DO NOT USE THE SITE AND EXIT NOW.

You must read the following information before using the Site. Under no circumstances shall the information on the Site constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers to purchase securities may be made only through a registered broker-dealer and through an Official Statement.

UPDATES & REVISIONS TO THE TERMS OF USE.

Please review these Terms of Use periodically. We reserve the right, in our sole discretion, to update or revise these Terms of Use at any time. In the event of any such update or revision, we will post a notice on the Site that we have changed these Terms of Use together with the updated or revised Terms of Use bearing a date of its last revision. Such updates or revisions shall become effective immediately upon the posting thereof. YOUR CONTINUED USE OF THE SITE FOLLOWING THE POSTING OF UPDATES AND/OR REVISIONS TO THESE TERMS OF USE WILL CONSTITUTE YOUR ACCEPTANCE OF SUCH UPDATE AND/OR REVISED TERMS OF USE. The most current version of the Terms of Use can be accessed at any time by selecting the Terms of Use link on the bottom of the home page for the Site.

CONTENT MADE AVAILABLE ON OR THROUGH THE SITE AND YOUR USE OF CONTENT.

Description of Content.

The Site contains a wide variety of financial and operating information, historical debt information, financial statements, expenditure reports, and economic data provided by issuers and specifically authorized by those issuers to be communicated through this Site (the “Content”). The Content contained on the Site has been included for general informational purposes only. The information set forth in such Content is limited in scope and does not contain all material information concerning an issuer or any bonds necessary to make an informed investment decision. By accessing this Site, you specifically agree not to rely on any of the Content in making an investment decision and you specifically disclaim any reliance on the Content with respect to any purchase or sale by you of any securities of the issuers. The Content on the Site is intended to provide certain limited information regarding the issuer or any bonds and is not intended to contain all material information regarding an issuer; readers should not assume any portion of information about an issuer has been updated unless expressly provided. Past results do not necessarily forecast future results. Certain financial information and operating data, as well as information regarding certain material developments with respect to the issuer and its securities, may be filed with the Municipal Securities Rulemaking Board Electronic Municipal Market Access (MSRB EMMA®) system. “Content” includes but is not limited to text, data, files, documents, graphics, images, audio, videos, audiovisual combinations, interactive features and any other materials that you may view, access or download (but only as expressly permitted below) through the Site.

Content Disclaimer.

BondLink has not prepared or developed any of the Content on the Site, has not reviewed such information in any respect, has not checked such information for accuracy, and in some cases, the information provided may not have been viewed by BondLink. The Content available on the Site with respect to any issuer is not maintained by or under the control of BondLink. The Content on this Site with respect to any issuer was specifically authorized by that issuer to be communicated through this Site. Content contained on the Site has been provided by California Department of Water Resources Water System Revenue Bonds and is included for general informational purposes only and is provided without warranty of any kind and, in particular, no representation or warranty, express or implied, is made or is to be inferred as to the accuracy, reliability, timeliness or completeness of any such information. The Content presented on the Site speaks only as of the date the Content was prepared by California Department of Water Resources Water System Revenue Bonds or other third party and has not been updated since that date and as a result, may not address all factors which may be material to an investor and may contain omissions of fact or statements that are not accurate because of the passage of time or changes in facts or circumstance subsequent to the date of such Content. Consequently, no person should make any investment decision in reliance upon the Content contained on the Site. Content is provided to you AS IS. You understand that neither California Department of Water Resources Water System Revenue Bonds nor BondLink guarantees the accuracy, safety, integrity or quality of Content and you hereby agree that you must evaluate and bear all risks associated with the Content, and agree that you will not rely on the Content in making any investment decision. THE SITE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO SELL OR BUY ANY SECURITIES. OFFERS TO PURCHASE THE BONDS OR NOTES MAY ONLY BE MADE THROUGH A REGISTERED BROKER-DEALER AND THROUGH AN OFFICIAL STATEMENT.

Forward-looking Statements.

The Site contains certain forward-looking statements that are subject to a variety of risks and uncertainties that could cause actual results to differ from the projected results, including without limitation general economic and business conditions, conditions in the financial markets, the financial condition of the issuer and various state agencies and authorities, receipt of federal grants, litigation, arbitration, force majeure events and various other factors that are beyond the control of the issuer and its various agencies and authorities. Because of the inability to predict all factors that may affect future decisions, actions, events or financial circumstances, including, in particular, current adverse global financial market and economic conditions, what actually happens may be different from what is set forth in such forward-looking statements. Forward-looking statements are indicated by use of such words as “may,” “will,” “should,” “intends,” “expects,” “believes,” “anticipates,” “estimates” and others.

Official Statements.

Bonds may not be sold, nor may an offer to buy be accepted, prior to the time an Official Statement is delivered in final form. A definitive Official Statement with respect to any bonds will be made available concurrently with their sale. No statement found on the Site or in the Content is incorporated by reference in any Official Statement for the bonds and no statement on the Site or in the Content is part of any Official Statement. By choosing to continue and view the Content on the Site you are acknowledging that you have read and understood and accept the terms of this disclaimer. The Site is designed to provide you with general information only and no person should make any investment decision in reliance upon the Content contained herein.

Accessing and Downloading Content.

You download information from the Site at your own risk. Neither California Department of Water Resources Water System Revenue Bonds nor BondLink warrants that the Site or materials available therefrom are compatible with your equipment or that any such information is free from invasive or corruptive files or Harmful Code (as defined below). Neither California Department of Water Resources Water System Revenue Bonds nor BondLink will not be liable or have any responsibility of any kind for any loss or damage that you incur as a result of (a) use of the Site or the Content, including any errors, inaccuracies or omissions in such information, material or data, (b) any harmful features arising from the Site or the Content, (c) the act or omission of any other party involved in making the Site or the Content available to you, or (d) from any other cause relating to your access to, inability to access, or use of the Site or the Content, whether or not the circumstances giving rise to such cause may have been within the control of California Department of Water Resources Water System Revenue Bonds, BondLink or third parties.

Restrictions on Your Use of Content.

You may access and use Content solely for your informational purposes and as intended through the functionality of the Site and permitted under these Terms of Use. Neither BondLink nor California Department of Water Resources Water System Revenue Bonds is responsible for your use or modification of the Content in any manner. You agree not to circumvent, disable or otherwise interfere with security-related features of the Site that prevent or restrict the use or copying of any Content and not to alter, remove or falsify any attributions or other proprietary designations of origin or source of any Content appearing on the Site. You shall not download any Content unless you see a “download” or similar link displayed by us on the Site for such Content. We do not have an obligation to detect the presence of Harmful Code (as defined below). If you download any Content from the Site, you do so at your own risk.

Proprietary Rights.

BondLink owns all rights, title and interest, including all related intellectual property rights, in and to the Site, including software and scripts, and all text, data, files, documents, layout, design, function and “look and feel,” graphics, images, audio, videos, audiovisual combinations, interactive features and any other materials available on the Site which are not otherwise part of the Content. In some cases, the issuer owns its own logos, marks and images. These Terms of Use do not convey to you any rights of ownership in or related to the Site.

LICENSE TERMS.

Subject to these Terms of Use, we grant each user of the Site a worldwide, non-exclusive, revocable, non-sublicensable and non-transferable license to use (i.e., to download and display locally) Content solely for purposes of using the Site. Use, reproduction, modification, distribution or storage of any Content for other than purposes of using the Site is expressly prohibited without prior written permission from us. You shall not sell, license, rent, or otherwise use or exploit any Content for commercial use or in any way that violates any third-party right.

RESTRICTIONS ON YOUR USE OF THE SITE.

You agree not to access or use the Site in an unlawful way or for an unlawful or illegitimate purpose, including without limitation any violation of the antifraud or registration provisions of the securities laws of the U.S. or any state therefore. You shall not post or transmit via the Site (a) any messages or information under a false name, (b) information that is unlawful, libelous, defamatory, obscene, fraudulent, predatory of minors, harassing, threatening or hateful to any person, or (c) information that infringes or violates any of the intellectual property rights of others or the privacy or publicity rights of others. You shall not attempt to disrupt the operation of the Site in any manner, including without limitation, through the use of methods such as denial of service attacks, flooding, or spamming, and you will not transmit, distribute, introduce or otherwise make available in any manner through the Site any computer virus, keyloggers, spyware, worms, Trojan horses, time bombs or other malicious or harmful code (collectively, “Harmful Code”). You shall not use the Site in any manner that could damage, disable or impair our services or networks. You shall not attempt to gain unauthorized access to any computer systems or networks, through hacking, password mining or any other means. You shall not use any robot, scraper or other means to access the Site. You shall not (directly or indirectly): (i) decipher, decompile, disassemble, reverse engineer or otherwise attempt to derive any source code or underlying ideas or algorithms of any part of the Site (including without limitation any application), (ii) modify, translate, or otherwise create derivative works of any part of the Site (including the Content), or (iii) copy, rent, lease, distribute, or otherwise transfer any of the rights that you receive hereunder. You shall abide by all applicable local, state, national and international laws and regulations. The enumeration of violations in this Section of these Terms of Use is not meant to be exclusive, and BondLink provides notice hereby that it has and will exercise its authority to take whatever action is necessary to protect the Site, Subscribers, and third parties from acts that would be adverse to the purposes of this Section of these Terms of Use.

TRADEMARKS/SERVICE MARKS, LOGOS, SLOGANS AND TAGLINES.

All trademarks, service marks, logos, slogans and taglines displayed on or through the Site are the property of BondLink or their respective owners and nothing contained herein should be construed as granting any license or right to use any trademarks, service marks, logos, slogans or taglines displayed on or through the Site without the express written permission of BondLink or such third-party that may own the trademark, service mark, logo, slogan or tagline.

ACCESS.

You acknowledge and agree that your use of the Site is dependent upon access to telecommunications and Internet services. You will be solely responsible for acquiring and maintaining all telecommunications and Internet services and other hardware and software required to access and use the Site, including, without limitation, any and all costs, fees, expenses, and taxes of any kind related to the foregoing. Neither California Department of Water Resources Water System Revenue Bonds nor BondLink will not be responsible for any loss or corruption of data, lost communications, or any other loss or damage of any kind arising from any disruption of telecommunications and Internet services. You are responsible for the acts of others utilizing your access to the Site, and will be held responsible for violations of these Terms of Use by your sub-users or persons who gain access to the Site using your access information. Any activity that you are prohibited from performing by these Terms of Use is equally prohibited to anyone using your access to the Site. You shall use proper security protocols, such as setting strong passwords, safeguarding access to all logins and passwords, and verifying the trustworthiness of persons who are entrusted with account access information. You shall notify BondLink if and when you learn of any security breaches regarding the Site, and shall cooperate in any investigation or legal action that is taken by authorities and/or BondLink to cure the security breach.

TERMINATION/EXCLUSION.

You understand that the Site is provided as a courtesy to you and that we may modify, suspend or terminate all or a portion of the Site at any time in our discretion without prior notice to you. We reserve the right, in our sole discretion, to revoke, terminate or suspend any privileges associated with accessing the Site for any reason or for no reason whatsoever, including improper use of the Site or failure to comply with these Terms of Use, and to take any other action we deem appropriate. You agree that neither BondLink nor California Department of Water Resources Water System Revenue Bonds shall not be liable to you or any third party for any termination of your access to the Site. Upon termination, you must immediately destroy any downloaded and printed materials. All provisions of these Terms of Use which by their nature should survive termination shall survive termination, including, without limitation, ownership provisions, warranty disclaimers, indemnity, and limitations of liability.

VISITOR/USER SUGGESTIONS.

You acknowledge and agree that any questions, comments, suggestions, ideas, feedback or other information provided by you to BondLink (collectively, “Feedback”), subject to the conditions described in BondLink’s Privacy Policy, are not confidential and you hereby grant to California Department of Water Resources Water System Revenue Bonds and BondLink a worldwide, perpetual, irrevocable, royalty-free license to reproduce, display, perform, distribute, publish, modify, edit or otherwise use such Feedback as they deem appropriate, for any and all commercial or non-commercial purposes, in their sole discretion. Further, as to any Feedback you represent and warrant that any such Feedback does not violate the intellectual property rights of any third party. Please be advised that any information you provide in connection with your Feedback will be seen and processed by California Department of Water Resources Water System Revenue Bonds and BondLink and that you provide any such information at your own discretion and risk.

LINKS TO OTHER SITES.

Our Site may contain links to other websites. The fact that we link to a website is not an endorsement, authorization or representation of our affiliation with that third party. We do not exercise control over third party websites and neither BondLink nor California Department of Water Resources Water System Revenue Bonds endorses and makes representations or warranties as to the accuracy, completeness, finality, timeliness or relevance of any information on such websites or any external links provided on such websites. These other websites may place their own cookies or other files on your computer, collect data or solicit personal information from you. Other websites follow different rules regarding the use or disclosure of the personal information you submit to them. We encourage you to read the terms of use and privacy statements of the other websites you visit. Please be aware that these Terms of Use do not apply to these third party websites.

YOUR ABILITY TO ACCEPT THESE TERMS OF USE.

You affirm that you are more than 18 years of age and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations and warranties set forth in these Terms of Use, and to abide by and comply with these Terms of Use.

DISCLAIMER OF WARRANTY.

ACCESS TO THE SITE AND/OR CONTENT IS PROVIDED “AS IS” AND “AS AVAILABLE” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, California Department of Water Resources Water System Revenue Bonds AND BONDLINK DISCLAIM ALL WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO ANY IMPLIED WARRANTIES OF TITLE, MERCHANTIBILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, NEITHER California Department of Water Resources Water System Revenue Bonds NOR BONDLINK WARRANT THAT ACCESS TO THE SITE AND/OR CONTENT WILL BE UNINTERRUPTED OR ERROR-FREE, OR THAT DEFECTS, IF ANY, WILL BE CORRECTED; NOR DOES California Department of Water Resources Water System Revenue Bonds OR BONDLINK MAKE ANY REPRESENTATIONS ABOUT THE ACCURACY, RELIABILITY, CURRENCY, QUALITY, COMPLETENESS, USEFULNESS, PERFORMANCE, SECURITY, LEGALITY OR SUITABILITY OF THE SITE AND/OR CONTENT. YOU EXPRESSLY AGREE THAT YOUR USE OF THE SITE AND/OR CONTENT IS AT YOUR SOLE RISK. YOU SHALL BE SOLELY AND FULLY RESPONSIBLE FOR ANY DAMAGE TO ANY COMPUTER SYSTEM, ANY LOSS OF DATA, OR ANY IMPROPER USE OR IMPROPER DISCLOSURE OF INFORMATION CAUSED BY YOU. California Department of Water Resources Water System Revenue Bonds AND BONDLINK CANNOT AND DO NOT ASSUME ANY RESPONSIBILITY FOR ANY LOSS, DAMAGES OR LIABILITIES ARISING FROM THE FAILURE OF ANY TELECOMMUNICATIONS INFRASTRUCTURE OR THE INTERNET OR FOR YOUR USE OR MISUSE OF ANY OF THE DATA OR INFORMATION ACCESSED THROUGH THE SITE.

LIMITATION OF LIABILITY.

EXCEPT WHERE PROHIBITED BY LAW, IN NO EVENT WILL California Department of Water Resources Water System Revenue Bonds OR BONDLINK BE LIABLE TO YOU OR ANY OTHER PERSON FOR ANY PUNITIVE, EXEMPLARY, CONSEQUENTIAL, INCIDENTAL, INDIRECT OR SPECIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, ANY PERSONAL INJURY, LOST PROFITS, BUSINESS INTERRUPTION, LOSS OF PROGRAMS OR OTHER DATA ON YOUR COMPUTER OR OTHERWISE) ARISING FROM OR IN CONNECTION WITH YOUR USE OF THE SITE AND/OR CONTENT, WHETHER UNDER A THEORY OF BREACH OF CONTRACT, NEGLIGENCE, STRICT LIABILITY, MALPRACTICE OR OTHERWISE, EVEN IF California Department of Water Resources Water System Revenue Bonds OR BONDLINK HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. YOU HEREBY RELEASE California Department of Water Resources Water System Revenue Bonds AND BONDLINK AND HOLD IT AND ITS LICENSORS AND SUPPLIERS HARMLESS FROM ANY AND ALL CLAIMS, DEMANDS AND DAMAGES OF EVERY KIND AND NATURE (INCLUDING, WITHOUT LIMITATION, ACTUAL, SPECIAL, INCIDENTAL AND CONSEQUENTIAL), KNOWN AND UNKNOWN, SUSPECTED AND UNSUSPECTED, DISCLOSED AND UNDISCLOSED, ARISING OUT OF OR IN ANY WAY CONNECTED WITH YOUR USE OF THE SITE AND/OR CONTENT. YOU WAIVE THE PROVISIONS OF ANY STATE OR LOCAL LAW LIMITING OR PROHIBITING A GENERAL RELEASE. WITHOUT LIMITING THE FOREGOING, IN THE EVENT OF ANY PROBLEM WITH THE SITE AND/OR THE CONTENT, YOU AGREE THAT YOUR SOLE AND EXCLUSIVE REMEDY IS TO CEASE USING THE SITE AND/OR THE CONTENT. IF APPLICABLE LAW DOES NOT ALLOW THE LIMITATION OR EXCLUSION OF LIABILITY OR INCIDENTAL OR CONSEQUENTIAL DAMAGES, IN NO EVENT SHALL BONDLINK AND California Department of Water Resources Water System Revenue Bonds’S TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES AND CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT, INCLUDING BUT NOT LIMITED TO, NEGLIGENCE) EXCEED THE AMOUNT PAID BY YOU, IF ANY, FOR ACCESSING THIS SITE.

INDEMNIFICATION.

Without limiting the generality or effect of other provisions of these Terms of Use, as a condition of use, you agree to indemnify, hold harmless and defend California Department of Water Resources Water System Revenue Bonds, BondLink and its parents, subsidiaries, affiliates, suppliers and their officers, directors, affiliates, subcontractors, agents and employees, lenders, licensors and suppliers and their parents, subsidiaries, affiliates, suppliers and their officers, directors, affiliates, subcontractors, agents and employees (collectively, “Indemnified Parties” and each, individually, an “Indemnified Party”) against all costs, expenses, liabilities and damages (including reasonable attorney’s fees) incurred by any Indemnified Party in connection with any claims arising out of, involving or relating to: (i) your use of the Site and/or Content in any manner; (ii) your failure to comply with any applicable laws and regulations; and/or (iii) your breach of any obligations set forth in these Terms of Use. You shall not settle any such claim without the written consent of the applicable Indemnified Party.

MODIFICATION TO OUR POLICIES.

We reserve the right to change these Terms of Use and any terms, conditions and notices under which the Site is offered. We may terminate these Terms of Use at any time by suspending or terminating access to the Site. You can see when these Terms of Use were last revised by referring to the “Last Updated” legend above. Your continued use of the Site after we have posted revised Terms of Use signifies your acceptance of such revised Terms of Use.

ERRORS, INACCURACIES AND OMISSIONS.

Occasionally there may be information on our Site that contains typographical errors, inaccuracies or omissions. We reserve the right to correct any errors, inaccuracies or omissions, and to change or update information if any information on the Site is inaccurate at any time without prior notice. We undertake no obligation to update, amend or clarify information on the Site. No specified update or refresh date applied to the Site should be taken to indicate that all information with respect to the Site has been modified or updated.

LOCAL LAWS AND EXPORT RESTRICTIONS.

BondLink controls and operates the Site from its location in the United States. As a U.S. company, BondLink and its Site are subject to the U.S. economic sanctions and export control laws and regulations. BondLink makes no representation that the Site and/or the Content are appropriate or available for use in other locations. By using the Site and/or the Content outside of the U.S., you agree that you are solely responsible for compliance with all applicable laws, including without limitation export and import regulations of the U.S. and other countries. BondLink shall have no liability for your failure to comply with such laws, regulations, licenses or other authorizations in relation to the Site and/or the Content. Notwithstanding any other provision in these Terms of Use, BondLink shall have the right to terminate your access to the Site immediately upon the determination by BondLink that you are not in compliance with U.S. export laws or violate any government privacy and/or data protection laws.

MISCELLANEOUS.

These Terms of Use shall be governed by the laws of the State of Delaware without regard to its rules on conflicts or choice of law. The United Nations Convention on Contracts for the International Sale of Goods does not apply to these Terms of Use. These Terms of Use and the incorporated Privacy Policy constitute the sole agreement between you and BondLink for your use of the Site and the subject matter hereof, and no representations, statements or inducements, oral or written, not contained in these Terms of Use shall bind either you or BondLink. Any of the terms of these Terms of Use which are determined to be invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability, without rendering invalid or unenforceable any of the remaining terms of these Terms of Use or affecting the validity or enforceability of these Terms of Use as a whole. Failure to insist on performance of any of the terms of these Terms of Use will not operate as a waiver of any subsequent default. No waiver by BondLink of any right under these Terms of Use will be deemed to be either a waiver of any other right or provision or a waiver of that same right or provision at any other time. You may not assign, transfer or delegate your rights or obligations hereunder, in whole or in part. These Terms of Use shall be binding upon and inure to the benefit of each of the parties and the parties’ respective successors and permitted assigns. A printed version of these Terms of Use and of any related notice given in electronic form shall be admissible in judicial or administrative proceedings based upon or relating to these Terms of Use to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form. These Terms of Use constitute the entire agreement between you and BondLink with respect to use of the Site and/or the Content and supersede all prior or contemporaneous communications and proposals, whether electronic, oral or written, between you and BondLink with respect to the Site and/or the Content.

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BONDLINK DISCLAIMER

UNDER NO CIRCUMSTANCES SHALL THE INFORMATION ON THE SITE CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. OFFERS TO PURCHASE SECURITIES MAY BE MADE ONLY THROUGH A REGISTERED BROKER-DEALER AND THROUGH AN OFFICIAL STATEMENT.FULL BONDLINK DISCLAIMER

BondLink Links

California Department of Water Resources Water System Revenue Bonds Disclaimer

Disclaimer

Welcome to the State of California Department of Water Resources Investor Relations website. This website provides certain information that investors in water system revenue bonds issued by the Department may find useful; however, the information contained on this website has been included for general informational purposes only and has not been prepared with a view to informing an investment decision in any such bonds. Please carefully review the Terms of Use below to understand the limitations of information on this website. Although this website may be updated periodically, more recent information may be available that has not been added to this website. Any of the information on this website may be removed or updated at any time. You must read the following Terms of Use before accessing this website.

Terms of Use

The Department reserves the right to revise these Terms of Use at any time. Users of this website should check prior to each use whether the Terms of Use have been updated since the user’s last access. Use of this website shall constitute acceptance of an agreement to the Terms of Use in effect at the time of access.

Under no circumstances will the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

The information contained on this website has been included for general informational purposes only and has not been prepared with a view to informing an investment decision in any water system revenue bonds issued by the Department. The information contained on this website has been obtained from sources believed to be reliable, but is not guaranteed to be accurate. No person should make any investment decision in reliance upon the information contained herein. The information on this website is not intended to replace any information or consultation provided by a professional financial advisor. The information contained on this website is not a summary or a compilation of all information relevant to any particular financial transaction or issue of bonds, notes, or other obligations. It does not purport to include every item that may be relevant, nor does it purport to present full and fair disclosure with respect to any financial transaction or issue of bonds, commercial paper notes, or other obligations related to the Department within the meaning of applicable securities laws and regulations.

Each document contained on this website should only be considered reliable as of the date it was prepared and developments, changes in facts and circumstances or the passage of time may make each such document inaccurate or incomplete as of the date of viewing. The Department undertakes no obligation to update any information included in this website. Any information on this website may be removed or updated at any time. The information, estimates, and expressions of opinion herein are subject to change without notice and the posting of information on this website does not imply that there has been no change in such information or the affairs of the Department since the date such information was prepared.

Any forward-looking statements included in the information on this website are subject to a variety of uncertainties that could cause any actual results to differ materially from the projected results in any such statement.

Any rating agency reports provided through this website were prepared by the respective rating agencies and the Department disclaims any responsibility for the contents of the reports or any investors reliance on these reports. In addition, the Department disclaims any responsibility or liability for any damages caused by viruses contained within the electronic files on this website.

No statement found on this website is incorporated by reference in any preliminary or final offering document and no statement on this website is part of any preliminary or final offering document.

Any addresses of or links to other websites, which may be contained herein or in any document contained hereon, are given for the convenience of the user only. The California State Treasurer’s Office has not participated in the preparation, compilation, or selection of information on any other website, and assumes no responsibility or liability for the contents thereof.

The Department has filed and from time to time may file certain annual and periodic reports on the EMMA website of the Municipal Securities Rulemaking Board. That website can be accessed at www.emma.msrb.org. The information on this website is not intended to replace or supplement any of the information posted to EMMA.

By choosing to continue and view the information on this website you are acknowledging that you have read, understood, and accept these Terms of Use.